Ternium S.A.

Ternium S.A., together with its subsidiaries, manufactures and distributes steel products in Mexico, Southern Region, Brazil, and internationally. The company operates through two segments, Steel and Mining. The Steel segment offers slabs, heavy plates, hot and cold rolled products, coated products, stamped steel parts for the automotive industry, roll-formed and tubular products, billets, bars, and other products, including sales of energy. Its Mining segment sells iron ore and pellets. It also provides medical and social; scrap; and engineering and other services.

About the company

Country: LuxembourgPrice: $49.86Market Cap: $9.8B

Investment snapshot

35%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

3 / 7

NEUTRAL / FAIL

Median fair value

$5.45

-89.1% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

Models split on TX at $49.86 — fair values range $2.65–$12.68

Key risk

14 of 16 flag TX's profitability — Graham, Buffett, Lynch +11 more

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	PASS	FAIL	FAIL	FAIL · Rank #1380 (Top 44.6%)	PASS	PASS	PASS	FAIL	FAIL	NEUTRAL	FAIL	FAIL	PASS	BUY	FAIL	NEUTRAL	NEUTRAL
Score
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Intrinsic Value (annual)		N/A	N/A		N/A		N/A	N/A		N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	+8.2%	N/A	N/A	+8.8%	N/A	-88.2%	N/A	N/A	+60.7%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-03-31 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-03-31 Score computed: 2026-11-14

Where It Passes

Valuation models75% pass✓ 3✗ 1▾
Models split on TX at $49.86 — fair values range $2.65–$12.68
Graham fair value$5.43
✓Graham+8.2% margin vs $49.86
Greenblatt fair value$5.47
✓Greenblatt+8.8% margin vs $49.86
Dreman fair value$2.65
✗Dreman-88.2% margin vs $49.86
Akre fair value$12.68
✓Akre+60.7% margin vs $49.86
Debt & Leverage67% pass✓ 11✗ 4▾
8 of 12 pass — Buffett, Lynch, Piotroski +1 more object
LT Debt vs Net Current AssetsLT Debt $1.8B vs NCA $5.9B
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.20, IC: 3.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.20
✓Lynch< 0.33
Cash - Long-term Debt$-283.4M
✗LynchPositive preferred
LT Debt / Total Assets Change6.75% -> 7.68%
✗PiotroskiDecreased YoY
Current Assets / Current Liabilities2.49
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.20
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.20
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=3.3x, D/EBITDA=1.6x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.20
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.2025; #1689/4210 (top 40.1%)
✗AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability13% pass✓ 8✗ 27▾
14 of 16 flag TX's profitability — Graham, Buffett, Lynch +11 more
Net income / market capitalization+4.34%; #1891/6340 (top 29.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)9/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)10/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)12.0%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)4.5% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$-1.4B
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE3.6%
✗Lynch> 15%
EBIT / Enterprise Value6.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.6%, ROC=4.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets1.80%
✓PiotroskiROA > 0
ROA Change YoY-0.23% -> 1.80% (delta: +2.03%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=9.80%, ROA=1.80%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY16.4% -> 15.1%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue4.2%
✗Dreman>= 8%
Net Income / Shareholders' Equity3.6%
✗Dreman> 12%
Margin of SafetyP/E=22.7x, P/B=0.8x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity2.9% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-88.2% (IV=$2.65 vs Price=$4.99)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency10/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue4.5%
✗Ackman>= 15%
Net Income / Shareholders Equity3.6%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend12.5% (2023) -> 4.5% (2025)
✗TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 20.2% -> 15.1%, operating margin 12.5% -> 4.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+9.96%; #2803/3702 (top 75.7%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+3.56%; #2611/5226 (top 50.0%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0827; #3246/5884 (top 55.2%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Positive Diluted-EPS Years9/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Growth13% pass✓ 3✗ 10▾
7 of 8 flag TX's growth — Graham, Lynch, Dreman +4 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -13.8% vs Rev: -11.6%
✓LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR
✗Dreman> 5% annualized
Positive Net Income Frequency10/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth0.2%
✗Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 20.2% -> 15.1%, operating margin 12.5% -> 4.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR12.3%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR
✗Neff7%-20% annualized
Valuation15% pass✓ 10✗ 18▾
11 of 13 flag TX's valuation — Graham, Lynch, Greenblatt +8 more
Price / Book Value per Share0.8x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+4.34%; #1891/6340 (top 29.8%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS28.2x
✗Graham<= 15x
Price-to-Book Ratio0.8x
✓Graham<= 1.5x
P/E x P/B23.60
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value6.6%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=6.6%, ROC=4.6%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS22.7x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)4.3x
✓Dreman< 8x
Valuation ReasonablenessP/E=22.7x, OE Yield=-14.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=22.7x, FCF Yield=-3.5%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=22.7x, P/B=0.8x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-88.2% (IV=$2.65 vs Price=$4.99)
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low182% of trailing low ($2.74)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+1.2203; #1181/6449 (top 18.3%)
✓AsnessTop 30% of eligible cross-section
Price / Diluted EPS22.7x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share0.84x
✓SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change+63.9%
✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+1.5947; #1267/5247 (top 24.1%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-3.53%; #2865/4519 (top 63.4%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+19.31%; #1378/6202 (top 22.2%)
✗OshaughnessyTop 10% of eligible cross-section
Efficiency38% pass✓ 4✗ 7▾
5 of 8 flag TX's efficiency — Greenblatt, Piotroski, Munger +2 more
Current Ratio2.49
✓Graham>= 2.0
ROIC (3-5 yr avg)16.8%
✓Buffett> 10%
ROIC - WACC+6.8%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)4.6%
✗Greenblatt> 25%
Current Ratio Change YoY2.89 -> 2.49
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.76x -> 0.66x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.49
✓Dreman> 1.5
Return on Invested Capital3.9%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=11.9%; FY2024: ROIC=7.0%; FY2025: ROIC=3.9%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC3.9% (RR=100% x ROIC=3.9%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)2/5 years above 12% (latest 3.9%)
✗SleepROIC > 12% in a majority of years
Cash Flow40% pass✓ 5✗ 7▾
6 of 10 flag TX's cash flow — Buffett, Lynch, Pabrai +3 more
Free Cash Flow Proxy$-1.4B
✗BuffettPositive and growing
FCF Positive and Growing$-345.5M
✗LynchPositive and growing
Operating Cash Flow$2.3B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=9.80%, ROA=1.80%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)4.3x
✓Dreman< 8x
P/E or FCF YieldP/E=22.7x, FCF Yield=-3.5%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive9/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-3.5%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-345.5M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-3.53%; #2865/4519 (top 63.4%)
✗OshaughnessyTop 10% of eligible cross-section
Verdicts43% pass✓ 6✗ 8▾
Split decision: 7 FAIL · 5 PASS · 3 NEUTRAL · 1 BUY
Overall verdict
✓GrahamPASS (4/9)✗BuffettFAIL (3/9)✗LynchFAIL (2/7)✗GreenblattRank #1380✓PiotroskiPASS (F-Score 5)✓DremanPASS (5/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)•MarksNEUTRAL (4/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #539/2370 (Top 22.7%))✗NeffFAIL (1/6)•SchlossNEUTRAL (6/7)•OshaughnessyNEUTRAL (Not ranked)

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Steel Works Etc

SIC Sector: Primary Metals

Size: Mid Cap($9.8B)

Revenue: $15.6B-11.6% YoY

Net Income: $425.2M+892.3% YoY

Financial Snapshot

Operating Margin4.5%

Return on Equity3.6%

Debt / Equity0.20

Current Ratio2.49

EPS (Diluted)$0.22−100.0% 1y

Shares Retired0.0% / 0.0% 2y

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HWMHowmet Aerospace Inc.

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NUENUCOR CORP

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STLDSTEEL DYNAMICS INC

$32.6B

Shareholder Return

Fiscal 2025

Retired 0.0% of shares last year, 0.0% over two.

Buybacks: —
Dividends: —

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

−53.8% = −53.8% + −0.1%

FY23

−100.0% = −61.8% + −99.9%

Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-03-31	FY 2024 Sources 20-F · 2025-03-28	FY 2023 Sources 20-F · 2024-03-28	FY 2022 Sources 20-F · 2023-03-30	FY 2021 Sources 20-F · 2022-03-30
Market Cap	$9.8Bcurrent	$56.4Best.	$67.1Best.	$64.9Best.	$60.5Best.
Revenue	$15.6B↓12%	$17.6B	$17.6B↑7%	$16.4B↑2%	$16.1B
Operating Income	$705.4M↓44%	$1.3B↓43%	$2.2B↓19%	$2.7B↓49%	$5.3B
Net Income	$425.2M↑892%	-$53.7M↓108%	$676.0M↓62%	$1.8B↓54%	$3.8B
EPS (Diluted)	$0.22↑833%	$-0.03↓109%	$0.34↓100%	$900.00↓54%	$1950.00
Gross Margin	15.1%↓8%	16.4%↓19%	20.2%↓16%	23.9%↓38%	38.5%
Operating Margin	4.5%↓37%	7.2%↓43%	12.5%↓24%	16.4%↓50%	32.8%
ROE	3.6%↑894%	-0.4%↓108%	5.4%↓64%	14.9%↓59%	36.3%
Total Debt	$2.4B↑8%	$2.2B↑4%	$2.1B↑108%	$1.0B↓30%	$1.5B
Shareholders' Equity	$11.9B	$12.0B↓4%	$12.4B↑5%	$11.8B↑12%	$10.5B
Current Ratio	2.49↓14%	2.89↓9%	3.17↓21%	3.99↑49%	2.68
Debt / Equity	0.20↑9%	0.19↑8%	0.17↑98%	0.09↓38%	0.14
Operating Cash Flow	$2.3B↑21%	$1.9B↓24%	$2.5B↓9%	$2.8B↑3%	$2.7B
Free Cash Flow	-$345.5M↓506%	$85.0M↓93%	$1.3B↓40%	$2.2B↑1%	$2.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Steel Works Etc

TX vs Peers — Financial Grading

Revenue$15.6BMedian

Net Income$425.2MBottom 25%

ROE3.6%Bottom 25%

D/E0.20Top 25%

Op. Margin4.5%Bottom 25%

Curr. Ratio2.49Median

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
CORNING INC /NYGLW	$98.3B	$114.08	$15.6B	$1.6B	13.5%	0.71	14.6%	1.59	2/9	0/9	3/7	0/3	F-Score 8	5/11
Howmet Aerospace Inc.HWM	$87.8B	$220.82	$8.3B	$1.5B	28.2%	0.57	24.8%	2.13	2/9	5/9	4/7	1/3	F-Score 8	7/11
NUCOR CORPNUE	$56.6B	$251.73	$32.5B	$1.7B	8.3%	0.33	—	2.94	4/9	2/9	5/7	0/3	F-Score 7	6/11
STEEL DYNAMICS INCSTLD	$32.6B	$229.43	$18.2B	$1.2B	13.2%	0.47	8.1%	3.06	4/9	5/9	3/7	0/3	F-Score 5	5/11
TENARIS SATS	$30.9B	$61.27	$12.0B	$1.9B	11.6%	0.02	19.1%	3.87	3/9	4/9	3/7	0/3	F-Score 6	6/11
ATI INCATI	$24.9B	$183.09	$4.6B	$404.3M	22.4%	0.97	14.0%	2.66	3/9	4/9	2/7	0/3	F-Score 9	6/11
ALUMINUM CORP OF CHINA LTDALMMF	$16.7B	$0.93	—	—	—	—	—	—	2/9	2/9	1/7	0/3	F-Score 6	3/11
POSCO HOLDINGS INC.PKX	$15.2B	$50.09	$50.1B	$766.9M	2.0%	0.47	2.0%	1.94	6/9	1/9	0/7	0/3	F-Score 5	8/11